{"id":5971,"date":"2026-07-27T09:46:02","date_gmt":"2026-07-27T07:46:02","guid":{"rendered":"https:\/\/graciacalbet.com\/?p=5971"},"modified":"2026-07-27T10:41:56","modified_gmt":"2026-07-27T08:41:56","slug":"insolvency-proceedings-spain","status":"publish","type":"post","link":"https:\/\/graciacalbet.com\/en\/blog\/insolvency-proceedings-spain\/","title":{"rendered":"Insolvency Proceedings in Spain in 2026"},"content":{"rendered":"<style>article[class*=\"post-\"] h1.text-center.mb-20{display:none!important;}<\/style>\n<article style=\"width:100%;max-width:1180px;box-sizing:border-box;margin:0 auto;padding:0 clamp(18px,4vw,30px) clamp(40px,8vw,72px);color:#2b2b2b;font-family:Raleway,Arial,sans-serif;font-size:clamp(16px,3.8vw,18px);line-height:1.72;overflow-wrap:anywhere;word-break:break-word;\">\n<header style=\"position:relative;margin:0 0 clamp(30px,6vw,48px);padding:clamp(38px,8vw,76px) 0 clamp(24px,5vw,42px);border-bottom:1px solid #e6e6e6;overflow:hidden;\">\n    <img decoding=\"async\" style=\"position:absolute;right:-8%;top:4%;width:min(460px,72vw);max-width:none;opacity:.045;z-index:0;\" src=\"https:\/\/graciacalbet.com\/images\/graciacalbet-logo-transparent.svg\" alt=\"\"><\/p>\n<div style=\"position:relative;z-index:1;\">\n<p style=\"margin:0 0 16px;color:#797979;font-size:13px;font-weight:800;letter-spacing:.16em;text-transform:uppercase;\">Commercial Law and Restructuring<\/p>\n<h2 style=\"max-width:1020px;margin:0 0 22px;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(34px,7vw,68px);line-height:1;font-weight:600;overflow-wrap:break-word;word-break:normal;\">Insolvency Proceedings in Spain in 2026<\/h2>\n<p style=\"max-width:880px;margin:0;color:#2b2b2b;font-size:clamp(18px,4.5vw,21px);line-height:1.62;\">When a company or a self-employed professional can no longer regularly meet its payment obligations, the law provides a judicial procedure designed to bring order to that crisis: <strong style=\"color:#000;font-weight:800;\">insolvency proceedings<\/strong> (concurso de acreedores). It is not an improvised formality or a simple &#8220;technical shutdown&#8221; of the business, but a regulated process that pursues two goals at once: protecting creditors&#8217; recovery and, whenever viable, giving the debtor an orderly way out \u2014 or even a second chance.<\/p>\n<p style=\"margin:18px 0 0;color:#797979;font-size:14px;line-height:1.5;\">Last reviewed: July 2026 \u00b7 Informative reading only, it does not replace analysis of the specific case.<\/p>\n<\/p><\/div>\n<\/header>\n<figure style=\"margin:0 0 28px;padding:0;\">\n    <img decoding=\"async\" style=\"display:block;width:100%;max-height:clamp(300px,58vw,520px);object-fit:cover;background:#f3f3f3;\" src=\"https:\/\/graciacalbet.com\/images\/graciacalbet-office.jpg\" alt=\"Insolvency proceedings and advice on business insolvency in Spain\"><figcaption style=\"margin:10px 0 0;color:#797979;font-size:14px;line-height:1.45;\">Insolvency proceedings seek to balance creditors&#8217; recovery with the <strong style=\"color:#000;font-weight:800;\">viable continuity<\/strong> of the company or self-employed professional.<\/figcaption><\/figure>\n<div style=\"display:grid;grid-template-columns:repeat(auto-fit,minmax(min(100%,220px),1fr));gap:12px;margin:0 0 28px;padding:16px;background:#f3f3f3;border:1px solid #e6e6e6;\">\n<p style=\"margin:0;color:#2b2b2b;font-size:15px;line-height:1.45;\"><strong style=\"color:#000;font-weight:800;\">Area:<\/strong> Commercial law and business restructuring<\/p>\n<p style=\"margin:0;color:#2b2b2b;font-size:15px;line-height:1.45;\"><strong style=\"color:#000;font-weight:800;\">Reader:<\/strong> company or self-employed professional in financial difficulty \/ creditor<\/p>\n<p style=\"margin:0;color:#2b2b2b;font-size:15px;line-height:1.45;\"><strong style=\"color:#000;font-weight:800;\">Sources reviewed:<\/strong> Spanish Insolvency Act (RDL 1\/2020), Law 16\/2022 and the Public Insolvency Registry<\/p>\n<\/p><\/div>\n<nav aria-label=\"Table of contents\" style=\"margin:0 0 clamp(30px,6vw,48px);padding:0;border-top:1px solid #000;border-bottom:1px solid #e6e6e6;\">\n<p style=\"margin:0;padding:16px 0 12px;color:#000;font-size:13px;font-weight:800;letter-spacing:.16em;text-transform:uppercase;\">Article contents<\/p>\n<ol style=\"display:grid;grid-template-columns:repeat(auto-fit,minmax(min(100%,300px),1fr));gap:0;margin:0;padding:0;color:#2b2b2b;font-size:clamp(15px,3.8vw,16px);line-height:1.45;list-style:none;\">\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#que-es-concurso-acreedores\">01. What insolvency proceedings are and when they must be filed<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#tipos-de-concurso\">02. Types of proceedings: voluntary, mandatory and expedited<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#fases-administracion-concursal\">03. Stages of the procedure and the role of the insolvency administration<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#consecuencias-socios-administradores-acreedores\">04. Consequences for partners, directors and creditors<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#errores-frecuentes\">05. Common mistakes that worsen a company&#8217;s situation<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#ayuda-graciacalbet\">06. How GraciaCalbet Can Help You<\/a><\/li>\n<li style=\"margin:0;padding:15px 18px 15px 0;border-top:1px solid #e6e6e6;\"><a style=\"color:#2b2b2b;font-weight:700;text-decoration:none;\" href=\"#faqs\">07. Frequently asked questions<\/a><\/li>\n<\/ol>\n<\/nav>\n<p style=\"margin:0 0 16px;\">Insolvency proceedings have become a common phrase in business conversation in recent years, especially after the liquidity strains left by the pandemic, rising interest rates, and the increased cost of energy and raw materials. Many companies that were profitable until recently have had to rethink their viability, and in that context it is important to draw a precise line between a simple temporary cash-flow strain and a real insolvency that requires activating legal mechanisms.<\/p>\n<p style=\"margin:0 0 16px;\">The reference legal framework is the consolidated text of the <strong style=\"color:#000;font-weight:800;\">Spanish Insolvency Act<\/strong>, approved by Royal Legislative Decree 1\/2020 and substantially amended by <strong style=\"color:#000;font-weight:800;\">Law 16\/2022<\/strong>, which introduced significant changes such as pre-insolvency restructuring plans and the special procedure for microenterprises. Knowing these changes matters because, unlike a few years ago, there are now more tools available to intervene before reaching formal insolvency proceedings, and using them in time often makes the difference between saving the company and liquidating it.<\/p>\n<p style=\"margin:0 0 28px;\">Throughout this article we will review what insolvency proceedings are and when they must be filed, the different types of procedure, the stages they go through, the role of the insolvency administration, the consequences for partners, directors and creditors, and the most common mistakes that worsen a situation that, when managed in time, usually has reasonable solutions.<\/p>\n<h2 id=\"que-es-concurso-acreedores\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">What insolvency proceedings are and when they must be filed<\/h2>\n<p style=\"margin:0 0 16px;\"><strong style=\"color:#000;font-weight:800;\">Insolvency proceedings<\/strong> (concurso de acreedores) are the judicial procedure provided for managing, in an orderly way, the insolvency of an individual or legal entity that cannot regularly meet its payment obligations. Their purpose is not merely to liquidate the debtor&#8217;s assets, but to attempt, whenever there is room to do so, an agreement with creditors that allows the business to continue operating.<\/p>\n<p style=\"margin:0 0 16px;\">The law distinguishes two situations that require considering insolvency proceedings: <strong style=\"color:#000;font-weight:800;\">current insolvency<\/strong>, when the debtor can no longer regularly meet its due obligations, and <strong style=\"color:#000;font-weight:800;\">imminent insolvency<\/strong>, when the debtor anticipates that it will not be able to meet them punctually in the near future. This second scenario is especially relevant because it allows action to be taken before the situation worsens, which in practice greatly reduces the risk of the proceedings ending with a finding of fault.<\/p>\n<p style=\"margin:0 0 16px;\">The <strong style=\"color:#000;font-weight:800;\">duty to file for insolvency proceedings<\/strong> falls on the debtor itself and carries a specific deadline: it must be filed within <strong style=\"color:#000;font-weight:800;\">two months<\/strong> of the date on which the debtor became aware, or should have become aware, of its state of insolvency. Missing that deadline without acting not only worsens the economic situation but also has direct legal consequences for directors&#8217; liability, as explained further below.<\/p>\n<p style=\"margin:0 0 16px;\">Failing to file for insolvency proceedings in time is usually, in practice, the first link in a chain that ends up making the outcome much more complicated. Before reaching that point, it is worth knowing the options the legal system offers in the area of <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/\">restructuring and business crises<\/a>, which includes pre-insolvency mechanisms designed precisely to get ahead of current insolvency.<\/p>\n<h2 id=\"tipos-de-concurso\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">Types of proceedings: voluntary, mandatory and expedited<\/h2>\n<p style=\"margin:0 0 16px;\">Not all insolvency proceedings begin the same way or follow the same pace. The law distinguishes several forms depending on who files them and how complex the case is.<\/p>\n<p style=\"margin:0 0 16px;\"><strong style=\"color:#000;font-weight:800;\">Voluntary insolvency proceedings<\/strong> are those filed by the debtor itself, within the two-month period from becoming aware of its current or imminent insolvency. This is the most common route and, generally, the most favourable one, because it allows the debtor to retain more room to act during the initial stage and demonstrates diligent conduct before the courts, a factor that is viewed positively if the debtor&#8217;s conduct is analysed later on.<\/p>\n<p style=\"margin:0 0 16px;\"><strong style=\"color:#000;font-weight:800;\">Mandatory insolvency proceedings<\/strong>, on the other hand, are filed by one or more creditors when the debtor has not acted on its own despite being insolvent. In these cases, the debtor loses part of its procedural initiative and usually starts from a weaker position, since the court will examine in more detail whether there was passivity or an attempt to conceal the situation. For a creditor, filing for mandatory proceedings can be the only reasonable path when it has spent months trying to collect without success and detects clear signs of insolvency in its debtor.<\/p>\n<p style=\"margin:0 0 16px;\">Alongside these two classic forms, the 2022 reform introduced the <strong style=\"color:#000;font-weight:800;\">special procedure for microenterprises<\/strong>, a simplified and faster route designed for small businesses (in terms of employees and turnover) that has in practice replaced the former &#8220;expedited proceedings&#8221; in most cases. This procedure reduces formalities and deadlines, and offers continuation or liquidation alternatives adapted to small business structures, which make up the majority of Spain&#8217;s productive fabric.<\/p>\n<p style=\"margin:0 0 16px;\">Choosing the right route correctly \u2014 and, above all, assessing whether it is worth exploring a restructuring plan first \u2014 is one of the decisions where specialised advice makes the biggest difference, especially when the company still has assets and some room for negotiation.<\/p>\n<h2 id=\"fases-administracion-concursal\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">Stages of the procedure and the role of the insolvency administration<\/h2>\n<p style=\"margin:0 0 16px;\">The <strong style=\"color:#000;font-weight:800;\">stages of insolvency proceedings<\/strong> follow a relatively predictable sequence, although their duration varies greatly depending on the complexity of the case, the number of creditors, and whether or not an agreement is reached.<\/p>\n<p style=\"margin:0 0 16px;\">The first stage is <strong style=\"color:#000;font-weight:800;\">filing and declaration of insolvency<\/strong>. The competent commercial court examines the documentation submitted (balance sheet, inventory of assets, list of creditors, among others) and issues the order declaring insolvency, which marks the formal start of the procedure and produces immediate effects, such as the suspension of certain individual enforcement actions against the debtor.<\/p>\n<p style=\"margin:0 0 16px;\">Next, the <strong style=\"color:#000;font-weight:800;\">common stage<\/strong> opens, in which the estate&#8217;s assets (the debtor&#8217;s property and rights) and the estate&#8217;s liabilities (the list of creditors and their claims) are established. At this point the <strong style=\"color:#000;font-weight:800;\">insolvency administration<\/strong> is appointed, a body normally made up of an economist, lawyer or auditor experienced in the field, which takes on key functions: it intervenes in, or in some cases replaces, the debtor&#8217;s powers over its assets, draws up the inventory of assets and rights, prepares the list of creditors, and issues a detailed report on the causes of the insolvency. This report is decisive, because it largely forms the basis for the later finding on the nature of the proceedings.<\/p>\n<div style=\"margin:24px 0;overflow-x:auto;\">\n<table style=\"width:100%;border-collapse:collapse;border-top:1px solid #000;border-bottom:1px solid #000;font-size:15px;line-height:1.55;\">\n<thead>\n<tr>\n<th style=\"padding:13px 12px;text-align:left;border-bottom:1px solid #000;color:#000;font-weight:800;\">Stage<\/th>\n<th style=\"padding:13px 12px;text-align:left;border-bottom:1px solid #000;color:#000;font-weight:800;\">What happens<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding:12px;border-bottom:1px solid #e6e6e6;\">Filing and declaration<\/td>\n<td style=\"padding:12px;border-bottom:1px solid #e6e6e6;\">The court issues the order declaring insolvency and suspends individual enforcement actions.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:12px;border-bottom:1px solid #e6e6e6;\">Common stage<\/td>\n<td style=\"padding:12px;border-bottom:1px solid #e6e6e6;\">The estate&#8217;s assets and liabilities are established; the insolvency administration is appointed.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:12px;\">Composition agreement or liquidation<\/td>\n<td style=\"padding:12px;\">A viable payment proposal is approved, or the assets are liquidated to pay creditors.<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p style=\"margin:0 0 16px;\">Once the common stage closes, the procedure branches into the <strong style=\"color:#000;font-weight:800;\">composition agreement stage<\/strong> or the <strong style=\"color:#000;font-weight:800;\">liquidation stage<\/strong>. In the composition agreement stage, the debtor proposes a payment plan to creditors (with debt write-offs, extended terms, or both) which, if approved by the legally required majorities, allows the business to continue under renegotiated payment terms. If no agreement is reached, or if the debtor shows no signs of viability, the proceedings move into the liquidation stage, in which the assets are sold in an orderly manner to satisfy creditors according to the legal order of priority.<\/p>\n<p style=\"margin:0 0 16px;\">Understanding this sequence well, and the role played by the insolvency administration at each stage, is essential for making informed decisions, something that can be supported by prior analysis of <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/insolvency-structuring\/\">insolvency structuring<\/a> even before the formal declaration of insolvency.<\/p>\n<h2 id=\"consecuencias-socios-administradores-acreedores\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">Consequences for partners, directors and creditors<\/h2>\n<p style=\"margin:0 0 16px;\">Insolvency proceedings do not affect all parties involved equally, and it is worth drawing a clear distinction between what happens in each case.<\/p>\n<p style=\"margin:0 0 16px;\">For <strong style=\"color:#000;font-weight:800;\">partners<\/strong>, the most common consequence when the proceedings end in liquidation is the dilution or extinction of their stake in the company, since the remaining assets are used primarily to satisfy creditors before returning any value to the partners. When a viable composition agreement is reached, on the other hand, the company can continue operating, although often under renegotiated terms that also affect its capital structure.<\/p>\n<p style=\"margin:0 0 16px;\">For <strong style=\"color:#000;font-weight:800;\">directors<\/strong>, the consequences can be much more severe if the proceedings are found <strong style=\"color:#000;font-weight:800;\">culpable<\/strong>, that is, when wilful misconduct or gross negligence is found in causing or worsening the insolvency (for example, unjustifiably delaying the filing for insolvency, keeping irregular accounts, or carrying out acts that harm creditors). In these cases, directors can be disqualified from managing others&#8217; assets for a set period and, in the most serious cases, ordered to cover part of the <strong style=\"color:#000;font-weight:800;\">insolvency shortfall<\/strong> with their own assets \u2014 that is, the difference between assets and liabilities that is not covered by the company&#8217;s own property.<\/p>\n<p style=\"margin:0 0 16px;\">For <strong style=\"color:#000;font-weight:800;\">creditors<\/strong>, the proceedings mean being placed within an ordered pool of liabilities according to legal categories: <strong style=\"color:#000;font-weight:800;\">preferential<\/strong> claims (backed by a security interest or legal preference, such as certain employment or tax claims), <strong style=\"color:#000;font-weight:800;\">ordinary<\/strong> claims (the bulk of commercial claims without special guarantee) and <strong style=\"color:#000;font-weight:800;\">subordinated<\/strong> claims (relegated to last place in the payment order, such as those held by parties specially related to the debtor). This classification determines the order \u2014 and, in many cases, the actual proportion of recovery \u2014 each creditor will receive, so understanding which category a claim falls into is essential before deciding what position to take in the proceedings.<\/p>\n<div style=\"margin:24px 0;padding:20px 22px;background:#f3f3f3;border:1px solid #e6e6e6;border-left:2px solid #000;\">\n<p style=\"margin:0;color:#2b2b2b;\"><strong style=\"color:#000;font-weight:800;\">Important nuance:<\/strong> the payment order of the estate&#8217;s liabilities (preferential, ordinary and subordinated) determines in practice what percentage each creditor will actually recover, so it is worth analysing the classification of your own claim from the start of the procedure, not once liquidation is already underway.<\/p>\n<\/p><\/div>\n<p style=\"margin:0 0 16px;\">When insolvency leads to a scenario of ceasing operations with no possibility of continuity, it is also worth knowing the implications of <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/dissolution-and-liquidation\/\">dissolution and liquidation<\/a> of the company, which is sometimes considered as an alternative or as a step following the insolvency proceedings themselves.<\/p>\n<h2 id=\"errores-frecuentes\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">Common mistakes that worsen a company&#8217;s situation<\/h2>\n<p style=\"margin:0 0 16px;\">Experience in insolvency proceedings shows that much of the damage suffered by companies and creditors comes not so much from the insolvency itself, but from decisions taken \u2014 or not taken \u2014 in the months beforehand.<\/p>\n<div style=\"margin:24px 0;padding:22px;border:1px solid #000;background:#fff;\">\n<ul style=\"margin:0;padding:0 0 0 20px;\">\n<li style=\"margin:0 0 12px;\"><strong style=\"color:#000;font-weight:800;\">Filing for insolvency too late.<\/strong> When cash reserves are already exhausted and there are not even enough assets left to cover the costs of the procedure itself (so-called &#8220;assetless&#8221; proceedings), the real options for continuity are significantly reduced and the risk of the proceedings being found culpable increases.<\/li>\n<li style=\"margin:0 0 12px;\"><strong style=\"color:#000;font-weight:800;\">Failing to properly distinguish between real insolvency and simple cash-flow strain.<\/strong> Not every temporary liquidity difficulty amounts to current or imminent insolvency in the legal sense, and confusing the two concepts can lead to triggering (or avoiding) the proceedings at the wrong moment.<\/li>\n<li style=\"margin:0 0 12px;\"><strong style=\"color:#000;font-weight:800;\">Not exploring pre-insolvency mechanisms first.<\/strong> Tools such as the communication of the opening of negotiations with creditors or the restructuring plans under Law 16\/2022 allow debt to be renegotiated without needing to reach formal insolvency proceedings, and they offer more room the earlier they are activated.<\/li>\n<li style=\"margin:0;\"><strong style=\"color:#000;font-weight:800;\">Not seeking specialised advice from the first sign of difficulty.<\/strong> This cross-cutting mistake tends to lead to improvised decisions, missed deadlines, and ultimately a finding of culpability that could have been avoided with diligent, well-planned action.<\/li>\n<\/ul><\/div>\n<h2 id=\"ayuda-graciacalbet\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">How GraciaCalbet Can Help You<\/h2>\n<p style=\"margin:0 0 16px;\">At <strong style=\"color:#000;font-weight:800;\">GraciaCalbet<\/strong> we have spent more than 45 years supporting companies, self-employed professionals and investors through moments of financial difficulty, with an approach that combines legal rigour with the practical clarity that decision-making under pressure demands. Our team in Barcelona and Madrid analyses every insolvency situation from the first contact, assessing whether it is worth exploring pre-insolvency mechanisms, filing for voluntary proceedings in time, or preparing a defence against mandatory proceedings brought by a creditor.<\/p>\n<p style=\"margin:0 0 16px;\">We work both with debtors who need to bring order to their business crisis and with creditors who want to understand and protect their position within someone else&#8217;s insolvency proceedings, correctly classifying their claims and assessing the most realistic recovery routes. If your company is going through cash-flow difficulties, if you have received a demand for non-payment, or if you are a creditor of a company in crisis, you can learn more about our <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/insolvency-proceedings\/\">insolvency proceedings<\/a> service and get in touch with us through our <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/graciacalbet.com\/en\/contact\/\">contact page<\/a> to assess your case with the advance notice this type of procedure requires.<\/p>\n<section style=\"position:relative;margin:34px 0 0;padding:clamp(24px,5vw,34px);background:#000;color:#fff;overflow:hidden;\">\n    <img decoding=\"async\" style=\"position:absolute;right:-6%;bottom:-18%;width:min(520px,82vw);max-width:none;opacity:.12;\" src=\"https:\/\/graciacalbet.com\/images\/graciacalbet-logo-transparent-alt.svg\" alt=\"\"><\/p>\n<div style=\"position:relative;z-index:1;max-width:820px;\">\n<p style=\"margin:0 0 10px;color:#fff;font-size:13px;font-weight:800;letter-spacing:.14em;text-transform:uppercase;\">Commercial law consultation<\/p>\n<p style=\"margin:0 0 18px;color:#fff;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(25px,5vw,38px);line-height:1.08;\">Analyse your insolvency situation before your options run out.<\/p>\n<div style=\"display:flex;flex-wrap:wrap;gap:10px;\">\n        <a style=\"display:inline-block;padding:13px 20px;background:#ffffff;color:#000;border:1px solid #ffffff;font-weight:800;line-height:1;text-decoration:none;\" href=\"https:\/\/graciacalbet.com\/en\/contact\/\">Request a consultation<\/a><br \/>\n        <a style=\"display:inline-block;padding:13px 20px;background:transparent;color:#fff;border:1px solid #ffffff;font-weight:800;line-height:1;text-decoration:none;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/insolvency-proceedings\/\">View insolvency proceedings service<\/a>\n      <\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"faqs\" style=\"margin:clamp(48px,9vw,68px) 0 20px;padding-top:20px;border-top:1px solid #000;color:#000;font-family:PlayfairDisplay,Georgia,serif;font-size:clamp(27px,5.8vw,42px);line-height:1.04;font-weight:600;\">Frequently Asked Questions (FAQs)<\/h2>\n<div style=\"border-top:1px solid #000;\">\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">What is the difference between voluntary and mandatory insolvency proceedings?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">Voluntary proceedings are filed by the debtor itself, within two months of becoming aware of its current or imminent insolvency, which is usually viewed as diligent conduct. Mandatory proceedings, on the other hand, are brought by a creditor when the debtor has not acted despite being insolvent. In practice, the debtor is in a better position under voluntary proceedings, since it retains more room to propose solutions and avoids its diligence being called into question. For a creditor, filing for mandatory proceedings can be the only path available when it has spent a long time trying to collect without success and detects clear signs of insolvency.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">When is a company required to file for insolvency proceedings?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">A company must file when it is in current insolvency, meaning it can no longer regularly meet its due obligations, or in imminent insolvency, when it anticipates it will not be able to do so in the near future. The legal deadline for filing is two months from becoming aware, or from when it should have become aware, of that situation. Missing that deadline without acting worsens the economic problem and can have direct consequences for directors&#8217; personal liability if the proceedings are later found culpable.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">What is the insolvency administration and what functions does it have?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">The insolvency administration is the body, normally made up of an economist, lawyer or auditor, appointed by the court to take part in the proceedings. Its functions include intervening in or replacing the debtor&#8217;s powers over its assets, drawing up the inventory of assets and rights, preparing the list of creditors, and issuing a report on the causes of the insolvency. This report is key, since it usually forms the basis on which the court assesses whether the proceedings should be found fortuitous or culpable, which has direct consequences for the company&#8217;s directors.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">What happens to the partners of a company that enters insolvency proceedings?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">If the proceedings end in liquidation, partners usually see their stake diluted or entirely extinguished, since the remaining assets are used primarily to satisfy creditors before returning value to the share capital. If, instead, a composition agreement is reached with creditors, the company can continue operating, although usually under renegotiated payment terms that can also affect its corporate structure. Each partner&#8217;s specific situation depends largely on the final outcome of the procedure.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">Can a director be held personally liable in insolvency proceedings?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">Yes, if the proceedings are found culpable due to wilful misconduct or gross negligence in causing or worsening the insolvency. In such cases, in addition to possible disqualification from managing others&#8217; assets for a set period, the court can order directors to cover part of the insolvency shortfall with their personal assets \u2014 that is, the part of the debts not covered by the company&#8217;s assets. That is why it is so important to act diligently and within legal deadlines from the first sign of insolvency.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">In what order do creditors get paid in insolvency proceedings?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">Claims are classified as preferential, ordinary and subordinated. Preferential claims are backed by a security interest or legal preference, such as certain employment or tax claims, and get paid before the rest. Ordinary claims make up the bulk of commercial claims without special guarantee and are paid pro rata according to the funds available. Subordinated claims, such as those held by parties specially related to the debtor, rank last and usually recover little or nothing of the amount owed. Knowing which category your own claim falls into is essential to realistically assess your chances of recovery.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">What is the special procedure for microenterprises?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">It is a simplified and faster route, introduced by the 2022 reform, designed for businesses with a small number of employees and low turnover. It has in practice replaced the former expedited proceedings in most cases, reducing formalities and deadlines and offering continuation or liquidation alternatives adapted to small business structures, which make up the majority of Spain&#8217;s business fabric. Its aim is to prevent the complexity and cost of ordinary proceedings from being disproportionate for smaller businesses.<\/p>\n<\/details>\n<details style=\"border-bottom:1px solid #e6e6e6;padding:0;\">\n<summary style=\"cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:18px 0;color:#000;font-weight:800;list-style:none;\">Are there alternatives to insolvency proceedings before reaching current insolvency?<span style=\"display:inline-flex;align-items:center;justify-content:center;min-width:26px;height:26px;border:1px solid #000;font-weight:800;\">+<\/span><\/summary>\n<p style=\"margin:0 0 18px;\">Yes. The 2022 reform strengthened pre-insolvency mechanisms, such as the communication of the opening of negotiations with creditors and restructuring plans, which allow debt to be renegotiated with more flexibility and without the need for formal insolvency proceedings. These tools tend to offer more room to manoeuvre the earlier they are activated, precisely during imminent insolvency, before the situation becomes current insolvency. Having specialised advice at this early stage is often decisive for the final outcome.<\/p>\n<\/details><\/div>\n<p style=\"margin:24px 0 0;color:#797979;font-size:14px;line-height:1.5;\">You can consult the full text of the law at the <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/www.boe.es\/\" target=\"_blank\" rel=\"noopener\">Official State Gazette (BOE)<\/a>, review public information on proceedings at the <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/www.publicidadconcursal.es\/\" target=\"_blank\" rel=\"noopener\">Public Insolvency Registry<\/a>, and find further institutional information on insolvency on the website of the <a style=\"color:#000;font-weight:700;text-decoration:underline;text-decoration-color:#797979;text-underline-offset:4px;\" href=\"https:\/\/www.mjusticia.gob.es\/\" target=\"_blank\" rel=\"noopener\">Ministry of Justice<\/a>.<\/p>\n<div id=\"gc-sticky-cta\" aria-label=\"GraciaCalbet quick actions\" style=\"display:none;opacity:0;position:fixed;right:max(18px,env(safe-area-inset-right));bottom:max(18px,env(safe-area-inset-bottom));z-index:9999;width:min(326px,calc(100vw - 36px));box-sizing:border-box;background:#ffffff;border:1px solid #000;color:#2b2b2b;font-family:Raleway,Arial,sans-serif;transition:opacity .25s ease;\">\n    <button type=\"button\" aria-label=\"Close consultation\" onclick=\"this.parentNode.style.display='none';\" style=\"position:absolute;top:7px;right:7px;width:26px;height:26px;padding:0;background:#fff;color:#000;border:0;font-size:22px;line-height:24px;text-align:center;cursor:pointer;\">\u00d7<\/button><\/p>\n<div style=\"padding:18px;\">\n<div style=\"display:flex;gap:10px;align-items:center;margin:0 30px 10px 0;\">\n        <img decoding=\"async\" style=\"display:block;width:24px;height:24px;object-fit:contain;\" src=\"https:\/\/graciacalbet.com\/images\/graciacalbet-icon.svg\" alt=\"\"><\/p>\n<p style=\"margin:0;color:#797979;font-size:11px;font-weight:800;letter-spacing:.16em;text-transform:uppercase;\">Legal consultation<\/p>\n<\/p><\/div>\n<p style=\"margin:0 0 8px;color:#000;font-family:Raleway,Arial,sans-serif;font-size:17px;line-height:1.25;font-weight:800;\">Is your company insolvent?<\/p>\n<p style=\"margin:0 0 14px;color:#2b2b2b;font-size:14px;line-height:1.48;\">We analyse your situation and the options available before they run out.<\/p>\n<p style=\"display:flex;flex-wrap:wrap;gap:10px;margin:0;\">\n        <a style=\"display:inline-block;padding:11px 14px;background:#000;color:#fff;border:1px solid #000;font-size:14px;font-weight:800;line-height:1;text-align:center;text-decoration:none;\" href=\"https:\/\/graciacalbet.com\/en\/contact\/\">Request a consultation<\/a><br \/>\n        <a style=\"display:inline-block;padding:11px 14px;background:#fff;color:#000;border:1px solid #000;font-size:14px;font-weight:800;line-height:1;text-align:center;text-decoration:none;\" href=\"https:\/\/graciacalbet.com\/en\/services\/specialty\/restructuring-and-business-crises\/insolvency-proceedings\/\">View service<\/a>\n      <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>  <script>\n    (function(){\n      var cta=document.getElementById('gc-sticky-cta');\n      if(!cta){return;}\n      function show(){cta.style.display='block';requestAnimationFrame(function(){cta.style.opacity='1';});}\n      if(window.matchMedia && window.matchMedia('(max-width: 767px)').matches){setTimeout(show,10000);}else{show();}\n    })();\n  <\/script><br \/>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Practical guide to insolvency proceedings (concurso de acreedores) in Spain in 2026: types, stages, the role of the insolvency administration and consequences for partners and creditors.<\/p>\n","protected":false},"author":1,"featured_media":68,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/posts\/5971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/comments?post=5971"}],"version-history":[{"count":1,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/posts\/5971\/revisions"}],"predecessor-version":[{"id":5972,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/posts\/5971\/revisions\/5972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/media\/68"}],"wp:attachment":[{"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/media?parent=5971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/categories?post=5971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/graciacalbet.com\/en\/wp-json\/wp\/v2\/tags?post=5971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}